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/PRNewswire/ -- CGrowth Capital, Inc. (Pink Sheets: CGRA) (the "Company"), is pleased to announce the execution of a Letter of Intent ("LOI") with Kirida Resources, Inc. ("Kirida") of British Columbia, Canada. The agreement outlines the development of Kirida's Cameroon Gold and Diamond permit in West Africa. The Company expects to move quickly to a definitive agreement.
The objective of the LOI was to define the rolls of the parties and set a timetable for the execution of a definitive agreement, initial funding of the project, and both operational and reporting responsibilities on the project. The Cameroon Gold and Diamond project consists of concessions in the Kette-Bindiba region, located in the Eastern portion of Cameroon. The concessions have been permitted for exploration, development, production, marketing, sales and export for gold and diamonds.
"We are pleased with the progress we are making with the Kirida Resources team," said Bill Wright, CEO of CGrowth Capital, Inc. "We have been impressed by their attention to detail. We are looking forward to moving quickly to a definitive agreement and advancing both the project and our relationship with Kirida."
The Company has performed a review of the Kirida site assessment which includes an in-depth geological study, field surveys, soil analysis, and sample campaign. From this exploration campaign, the area has been divided into two key regions: a) the Northern Bindiba region has 19 known Au (gold) occurrences and 1 diamond occurrence and b) the Central Kette region has 12 known Au and 4 diamond occurrences. These targets contain both alluvial and primary rock gold and diamond deposits.
The Company and Kirida are preparing an expanded Site Assessment and Sampling Programme ("SASP") to confirm grades discovered to date and further define resource size and tonnage. This will be done as part of the process to complete a NI43-101 report. This report will provide vital information which will result in the implementation of a Test Plant facility to commence initial gold and diamond recovery and production.
